Blockchain
Trump introduces himself as “cryptocurrency president” at San Francisco tech fundraiser
By Alexandra Ulmer
SAN FRANCISCO (Reuters) – Republican presidential candidate Donald Trump portrayed himself as a supporter of cryptocurrencies and criticized Democrats’ attempts to regulate the industry at a fundraiser in San Francisco on Thursday, three sources in attendance told Reuters.
Trump raised $12 million from the fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the upscale Pacific Heights neighborhood.
“He said he would be the president of cryptocurrencies,” Trevor Trainaa San Francisco-based technology executive and Trump’s former ambassador to Austria told Reuters.
The cryptocurrency industry is increasingly trying to influence US politicians as it faces increasing scrutiny from regulators, especially since the failures of major cryptocurrency companies in 2022 have spooked investors, they put exposed fraud and misconduct and left millions of investors out of money.
Trump has considered cryptocurrencies important and has emphasized that he is very supportive of the industry, said Harmeet Dhillon, a member of the Republican National Committee.
Dhillon said Trump, who is running to unseat Democratic incumbent President Joe Biden in the Nov. 5 election, offered no details on his proposed crypto policy.
Biden signed an executive order in 2022 aimed at ensuring the responsible development of digital assets, which has led to reports urging regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to issue guidelines and rules to address risks in the cryptocurrency industry. ecosystem.
The White House under Biden has also said it is eager to work with Congress to develop a regulatory framework for cryptocurrencies.
In a statement to Reuters, White House spokeswoman Robyn Patterson said the Biden administration supported innovation in digital assets by seeking to protect consumers from “risks associated with new technologies.”
Although San Francisco is heavily liberal, a growing number of high-profile local venture capitalists and cryptocurrency investors have thrown their support behind Trump, with many of them citing what they see as excessive regulation among their reasons.
“President Trump has made it clear that the Biden-Gensler crusade against cryptocurrencies will stop within an hour of the second Trump administration,” said Jacob Helberg, a consultant at data analytics provider Palantir, referring to SEC Chairman Gary Gensler.
Executives from cryptocurrency exchange Coinbase, twin cryptocurrency investors Tyler and Cameron Winklevoss and other industry leaders attended Thursday, Dhillon added.
A spokesperson for Gemini, the company founded by the Winklevoss twins, did not immediately comment.
Sacks and Palihapitiya have spoken publicly about their investments in cryptocurrencies, particularly bitcoin.
The founder of now-bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, was found guilty last year of stealing from customers. Prosecutors allege he used those funds to donate more than $100 million to U.S. political campaigns.
(Reporting by Alexandra Ulmer; Additional reporting by Hannah Lang; Editing by Rod Nickel and Deepa Babington)